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Sunday, August 28, 2011

More Bankers Feel the Sharp Edge of Recession - 60K Axed!!!

User submitted - Article

Charles Rexford

The Dutch bank said it will cut 2,350 staff, or just under 10pc of its workforce, over the next three to four years as part of a wholesale restructuring of its business designed to save hundreds of millions of Euros in costs. Taking the cuts announced by ABN into account, the total number of banking sector job losses announced in recent months now exceeds 60,000 or roughly 5pc of the industry headcount.

“When managements resort to headcount reductions, these are a powerful signal that firms think the revenue outlook has weakened beyond just normal volatility,” said analysts at Barclays Capital in a note to clients published this month. Nearly all of Europe's major banks have announced year-on-year falls in revenues for the first half of the year as markets have deteriorated.

The bankers that got fired are mostly tellers, customer service, and low position employees. These are just middle class and blue collar workers. We need to fire the bankers that made bad bets on Wall Street.

The last Post is certainly correct. It is only the mid and lower level workers at banks that are fired. The upper echelon are the ones that instigated the sinister deeds, but then get away scot-free due to their friends in Government who provide loop holes for them. Like I say in my blog - The Ultra-Wealthy are intentionally making the rest of us poor, in order to turn us back into Global Serfs. Read

@ Charles E. Rexford...Poison in the food, air and water...The money is the least of our problems...The sliding case of health among humans is.

Cancers at a young age...Teens and young people with bodies of sickly 50 year olds.

Honestly the bankers can't be stopped...I hate them but they are the government so unless you have an army, navy, airforce they will be kings of a dung hill...So ABOVE everything safety, mental ability to cope and the health of your family.

I see to many good people just wilt away...Only fear I have is being left in a world full of idiots as Rome burns to the ground.

Got to have smart conversation, with good cabernet, as I play chess and listen to the world rage.